Firm complexity and capital structure: evidence from U.S. public firms

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2026-04-01 Epub Date: 2026-02-12 DOI:10.1016/j.jbusres.2026.116053

Rudresh Pandey

引用次数: 0

Abstract

This paper examines the impact of a firm’s information complexity on capital structure decisions, focusing on how |firm disclosure complexity influences financial leverage. Using a large panel of U.S. public firms, I document a significant and positive association between information complexity and multiple measures of leverage, including book, market, short-term, and long-term debt ratios. The effect is particularly pronounced among financially constrained firms, highlighting the role of information complexity in mitigating financing frictions. The findings contribute to capital structure theory by identifying information complexity as a structural firm attribute that enhances debt capacity, complementing trade-off and information asymmetry perspectives.

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公司复杂性和资本结构：来自美国上市公司的证据

本文考察了公司信息复杂性对资本结构决策的影响，重点研究了公司信息披露复杂性对财务杠杆的影响。通过对美国上市公司的大量调查，我证明了信息复杂性与多种杠杆指标（包括账面、市场、短期和长期负债率）之间存在显著的正相关关系。这种效应在资金受限的公司中尤为明显，突出了信息复杂性在缓解融资摩擦中的作用。这些发现通过将信息复杂性识别为增强债务能力的结构性企业属性，补充了权衡和信息不对称的观点，为资本结构理论做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.